In April of 2001, Church President Gordon B. Hinckley made a life-changing announcement in general conference. Aware of the difficulty members have in becoming self-reliant in certain areas of the world, he proposed a bold new solution. Because of limited abilities, they are not likely to become leaders in the Church. They are more likely to find themselves in need of welfare help. They will marry and rear families who will continue in the same cycle that they have known. Their future is bleak indeed. In an effort to remedy this situation, we propose a plan--a plan which we believe is inspired by the Lord. The Church is establishing a fund largely from the contributions of faithful Latter-day Saints who have and will contribute for this purpose. We shall call it the Perpetual Education Fund. It has now been more than 15 years since that announcement was made. And during that time, over 100,000 members have benefited from the Perpetual Education Fund loan program. [MUSIC PLAYING]

Let's take a few minutes and see how the Perpetual Education Fund--or PEF--works today. It is important to remember the purpose of the fund is to help members get technical training for jobs that let them become self-reliant Today, the PEF loan program is part of a larger Church self-reliance initiative, and is just one of several tools that members can use to become self-reliant. One of the most significant additions this initiative has brought has been the creation of self-reliance groups. Members interested in getting training for a specific job, and possibly a PEF loan, participate in a self-reliance group. As the group meets each week, the members go through a series of activities that help them put together a comprehensive plan to become self-reliant When choosing a school and program of study, members determine if the salary is adequate and if the job is in demand so they can start working once they are trained. After they have chosen their future job, they find out what training they need and where that training is available, and then create a plan to pay for that training. Sometimes, it is possible to pay for job training without taking out a loan. Members research other options such, as scholarships or grants, getting assistance from family members, or using their own money if they have savings or a job. A Perpetual Education Fund loan should only be used after other options are explored and there is still a real financial need. These students will attend technical schools where they will learn such things as computer science, refrigeration engineering, and other skills which are in demand and for which they can become qualified. In order to qualify for a loan, the applicant must apply for one of the courses approved for a Perpetual Education Fund loan. PEF loans are only available to fund short-term technical training for jobs that pay well and are in demand. Other Church programs are available for members who wish to pursue longer-term educational goals. The approved schools and programs are included as part of the online application process. If the desired program or school is not listed, the applicant can request they be reviewed. If they meet PEF standards and requirements, they will be approved as well. Once the applicant has selected the training program they are interested in, they meet with their bishop and get his endorsement in order to complete the application. Before giving his endorsement, the bishop decides if the applicant meets the three basic qualifications of a loan recipient. The first qualification is worthiness. The applicant must hold and be worthy of either a regular or limited-use temple recommend. The second requirement is to have a real financial need. Taking out a loan should be one of the last options. The third requirement is determination. The bishop must decide if the applicant has the drive and is determined to finish the training, graduate, find work, and repay the loan. Applicants must understand the funds are a loan and not a grant or gift. They are expected to pay it back so that others can get loans as well. This requires self discipline and integrity. It will not be a welfare effort, commendable as those efforts are, but rather an education opportunity. The beneficiaries will repay the money, and when they do so, they will enjoy a wonderful sense of freedom because they have improved their lives not through a grant or gift but through borrowing and then repaying. They can hold their heads high in the spirit of independence. The PEF loan program is designed to help members get the best skills training for the least amount of money in the shortest amount of time. Its purpose is to help members get training for jobs that will help them become self-reliant. [MUSIC PLAYING]